发亮_品职助教 · 2019年06月10日
2018年Q3这道题,Operating costs就是干扰信息。
“它和operating expense有啥区别”
两个是一样的意思,就是基金的运营成本,还有个基金的management fees,这个是专门给基金经理的业绩报酬,是基于年末基金的市场价值。
这道题,题干出的有点考英语的感觉,平时机构IPS的题目,我们是见不到Operating costs/Expenses的,最多就只看到Management fees,但是这道题出现了Operating costs,并且题干说了,operating costs of 20 bps是包括在Spending rate里的:
Denom, foundations are tax-exempt if they meet a 5% annual minimum spending requirement, which includes operating costs
所以下文的题干信息:The Foundation has operating costs of 20 bps per year
就是干扰信息了,用不到。
Endowment/Foundation的要求回报率公式:Required return = spending rate + management fee + inflation,
现在是已知Required return(5%),已知Management fees 33 bps,已知Inflation(1.5%),让求最大的Spending rate,
那直接相减即可,发现Spending rate=5.2%